- September 4, 2023
- Posted by: legaleseblogger
- Category: Related News
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Living in Bulgaria as a Danish citizen, I find myself in need of financial guidance and investment advice. Currently, I have savings of approximately 33000 EUR, which are simply sitting in my salary account. Admittedly, I realize that this might not be the most ideal situation, but unfortunately, I lack knowledge and experience in investing and managing finances. Growing up, my parents kept their savings in cash, so I never had anyone to teach me these important skills.
Considering my limited availability to dedicate a significant amount of time to trading, I have been contemplating investing in ETFs. My objective is to find a reliable place to allocate my money and let it grow over time. While attempting to open an account on Interactive Brokers, an error message appeared stating, “The Investment Objectives provided do not meet the requirements to trade Options.” I am uncertain about the mistake I made in the process. I have come across information about DEGIRO, but it seems they do not support Bulgaria. Where should I begin my investment journey? Additionally, I plan to relocate back to Denmark within the next 1-2 years, which further influences my decision.
Moreover, I am interested to explore alternative and potentially more effective methods to grow my money. If there are other options or strategies that could better suit my circumstances, I would appreciate guidance in selecting the most suitable approach.
Another concern of mine is retirement planning. During my time in Denmark, I contributed to a retirement fund, albeit for only a few years. However, now that I am in Bulgaria, I am unsure about the best course of action to secure a stable retirement. In Denmark, I would have access to free financial advice, which unfortunately does not seem to be available here. My bank here in Bulgaria only suggests investing through their services, which leaves me uncertain and searching for better options.
I am aware that my lack of knowledge may make me seem clueless, but in all honesty, I truly do not know what steps I should take or where to begin. This is why I am reaching out for assistance. Can AI Legalese Decoder provide the guidance and support I need in navigating the complexities of investing, choosing the right platform, and planning for retirement?
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****** just grabbed a
do not touch options lol
Since you are tax resident in Bulgaria, you want to make use of the tax exemption in Article 13 of the natural persons income law (ðùðöðöðñðø). To follow the letter of the law, you must direct your broker to execute your sell orders on [regulated markets](https://registers.esma.europa.eu/publication/searchRegister?core=esma_registers_firds) in the [MiFID II](https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=celex%3A32014L0065) sense. IB lets you do that. DEGIRO supports Bulgaria (just choose one of the branches, they are not limited to serving local clients) but may place orders via a smart router that you cannot opt out of (i.e. you never know where your order is going to be executed).
You should be able to get options on IB by changing the investment objectives of your account (financial profile) and maybe answering a few questions (though if you don’t meet certain undisclosed criteria, you may not be allowed after all). If you are thinking about ETFs and a passive approach, you may not need options.
Do not go to banks for investing as a retail customer. They will rob you blind with commissions on entry (and your money will be in a mutual fund that will continue robbing you with egregious fees).
EU state pensions [should combine](https://europa.eu/youreurope/citizens/work/retire-abroad/state-pensions-abroad/index_en.htm), but be careful about private extensions. They perform so badly, that you may be able to overcome any tax advantage offered, esp. considering BG’s already pretty low income taxes & exceptional investment taxes (0% capital gains on regulated markets, 5% dividend).
The interactive brokers thing, I think that mean you can’t trade in complex financial products like options, CFDs and whatever.
That’s actually a good thing, you should avoid those kinds of speculative things anyway.
You should still be able to buy and hold ETFs which is the simplest and safest form of investing. You only need to spend a little time researching which ETF is best for you and then just keep buying it monthly.
If you are planning to move back to Denmark in 1-2 years then your tme horizon is way too short to bother with investing (at that point it would be considered more gambling than anything).
Perhaps you are better off keeping your money in a bank account with a high interest rate, and start investing only once you’ve moved to Denmark. You light also be interested in checking out r/dkfinance once you’ve settled back.